Zell’s first NYC construction among new High Line developments

TRD New York /
May.May 13, 2011 11:14 AM

The near completion of the second section of Chelsea’s High Line park has brought a wave of new residential developments, and new developers, to the West 20s. As the Wall Street Journal noted, one of the developers making its first foray into Manhattan construction is actually a familiar name: Equity Residential, the company chaired by real estate mogul Sam Zell. Though Zell first entered New York City in 2004, and the New York-Metro area now accounts for 13 percent of his company’s income, a 111-unit rental is the first ground-up project his firm has undertaken. Zell purchased the lot on 10th Avenue near West 23rd Street for $12 million from Shaya Boymelgreen last year, and spent $44 million developing TEN23, which will rent studios for more than $3,000 per month and 1,053-square-foot two-bedroom units for more than $5,800 units per month — among the priciest rents in the neighborhood. Yet despite the bevvy of new inventory along 10th Avenue, including 245 Tenth Avenue near West 24th Street, HL23 near West 23rd Street,  + aRt at West 28th Street and the Enrique Norton-designed Hotel Americano at 518 West 27th Street, analysts still expect Zell’s pricey units to lease “faster than [Zell and Equity Residential] are expecting.” [WSJ]

Related Articles

181 Varick Street (Credit: Google Maps)

Claremont Companies buys Soho Marriott for $59M

Rendering of the Staybridge Suites at 38-59 11th Street

Long Island City hotel project moves forward with construction loan

Heritage Equity Partners’ Toby Moskovits, Benefit Street Partners real estate managing director Micah Goodman, and the Williamsburg Hotel at 96 Wythe Avenue (Credit: Google Maps)

Toby Moskovits’ Williamsburg Hotel is headed for receivership following $68M loan default

461 West 34th Street with Marx Development Group's David Marx (Credit: Google Maps)

David Marx lands $202M refi for Hudson Yards hotel

Daily Digest Thursday

Worker killed at Lam Group construction site, Uber signs WTC lease: Daily digest

30 West 31st Street and 52 West 36th Street (Credit: Google Maps)

South Korean firm snaps up two Midtown hotels for $137M

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

Mensur Cekic, Hudson Yards’ director of residences

From private tutors to meditation sessions, inside NYC’s new amenities battle